Mango, a Spanish retailer similar to Zara and Hennes & Mauritz, is scouting locations for its first U.S. store, The Post has learned.

The company is looking for space in Manhattan on Fifth Avenue and in SoHo, but leases have yet to be signed, sources said.

Like its Spanish rival Zara and Swedish retailer H&M, Mango has appealed to consumers with its mix of stylish clothes and low prices – known as fast fashion for the speed these retailers convert runway looks to merchandise sold in their stores.

Since opening its first store in its hometown of Barcelona in 1984, Mango, which is privately held and had 2003 sales of $1.3 billion at current exchange rates, has grown rapidly.

The company opened 104 stores last year alone – bringing the total to 700 worldwide, in countries such as Britain, Germany, Italy, China and Australia.

So far, that expansion has excluded America, where rivals Zara, a unit of Inditex, and H&M have both expanded rapidly.

A spokeswoman for Mango wasn’t immediately available for comment.

The U.S. market is alluring for its size, but also can be extremely competitive, analysts said. As a result, not all expansions by overseas players have gone smoothly.

H&M, for instance, emboldened by its initial success in New York City,rushed to open large stores in less desirable locations like Rochester, only to see profits suffer, sources said.

An H&M spokeswoman didn’t return a phone call seeking comment.

Observers said they expect Mango to avoid some of those pitfalls.

“Mango is a well managed company with a strong executive team and a clear vision, said Emanuel Weintraub, a consultant. “When they do come to the U.S., they will be a great success.”